Apr52017

Review of government funded research and innovation in Wales begins

Welsh Government
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A review of government-funded research and innovation in Wales has begun its work today (Wednesday 5th April).

Wednesday 05 April 2017

The highly respected Professor Graeme Reid from University College London has been asked by the Welsh Government to lead the review that will look at the strengths, gaps and future potential to sustain and grow strong research and innovation activity in Wales.

The review will:

  • Look to identify patterns and themes in the development of business and public services in Wales which draw on research and innovation strengths in Wales and further afield and will report back next winter
  • Collate the results of recent analyses of research and innovation activity in Wales.
  • Consider how firms, public services and research groups in universities connect locally and globally to support the needs of Welsh communities, business and the economy. It will also consider how the connections and interactions between these groups can be improved to enable Wales to become a more entrepreneurial state. 

Education Secretary Kirsty Williams said: 

“I am delighted Professor Reid is leading this exciting review of research and innovation investment made by Welsh Government. Our aim is to make sure that every penny we invest in this area delivers the maximum benefit to the people and economy of Wales. I am looking forward to the education sector, business, learners and other getting involved.”

Julie James said:

“The aim of this review is to look at all the investment the Welsh Government makes into research and innovation and how it is making a difference and what we can do to change things for the future as this area is vital to Wales’ prosperity.”

Professor Reid said:

“Thriving research and innovation are key to the future economy and society of Wales

“Brexit, the Industrial Strategy and UK legislation on Higher Education & Research will bring significant changes to the environment for government-funded research and innovation in Wales.  This review will explore how the Government, universities and business in Wales can influence and respond to these changes, both creating opportunities and mitigating threats. 

“The review will aim to report early in 2018, before UKRI is created formally and while Brexit negotiations are still underway.”

Professor Reid will be supported by a distinguished panel of advisors who will meet for the first time today in Cardiff.

 

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Apr52017

We can make working poverty history

Scottish Labour
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6 April 2017

Working poverty in Scotland is at its highest level since devolution.

Since 2007 the number of households in poverty where at least one adult works has increased by 150,000 to 420,000. That’s a failure of the SNP in government, and a sign of a broken economy.

A job should be enough to keep people above the breadline. Here is what Labour would do to change that:

Use the social security powers

We’d increase Child Benefit by £240 by 2020 and ensure that £2 billion worth of unclaimed payments like tax credits and housing benefit go to the people who are entitled to them. Increasing Child Benefit would lift around tens of thousands of children out of poverty, according to expert groups like the Child Poverty Action Group.

Make work pay

While the SNP dishes out millions of pounds in taxpayer funded grants to companies like Amazon, Labour will ensure that no business receives a public contract or taxpayer grant without guaranteeing to pay the real living wage.

We’ll work to extend the real living wage into the jobs where it needs to be: low paid industries like hospitality and retail.

Tackle the cost of living

A decade on from promising to the scrap the council tax, all the SNP has done is scrap the council tax freeze.

Labour would abolish the council tax and replace it with a fairer system where 80% of households would pay less.

We would move towards more flexible childcare, starting with a breakfast club in every school.

And we would take back control of public transport, meaning we could freeze or even cut fares on our trains and buses.

Invest for the long term

We’ll only end working poverty for good if we give our people the skills they need to compete for the jobs of the future.

That means investing in education with more resources in our schools and fairer bursaries for our students.

We would reform our schools system to tilt the balance away from the richest and towards the rest.

And we’ll future proof our economy to take steps towards coding being as vital in our classrooms as literacy and numeracy.

Agree with our plan? Then spread our message.

Apr52017

ESMA advises on draft legislation for CCP recovery and resolution

EU
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The Proposal gives CCPs’ National Competent Authorities (NCAs) supervision and early intervention powers in relation to CCP recovery. For CCP resolution, the Proposal asks Member States to designate National Resolution Authorities (NRAs) to develop CCP resolution plans. In both cases, ESMA will have a mediator role to ensure consistency.

ESMA, in its opinion, expresses its views on arrangements for CCP recovery and resolution and, in particular, the impact of the proposal on ESMA as an organisation, including for its resources.

Steven Maijoor, ESMA Chair said:

“ESMA welcomes the proposal for a CCP Recovery and Resolution Regulation. CCPs are critical infrastructures reducing market risks. However, as they are systemically relevant and operate globally, we also need to have rules and procedures in place to be prepared in case of their failure.

“We appreciate the key role that the Regulation assigns to ESMA and we are prepared to perform the tasks assigned under the proposal.”

The ESMA opinion proposes:

  • to introduce additional requirements regarding NRAs’ recovery plans in order to ensure a higher level of convergence, while providing the necessary flexibility to CCPs to select those recovery tools which best fit their business situation;
  • to consider a more effective mediation mechanism; and
  • to consider the implications ESMA’s role has on its budget – e.g. to include a provision in the CCP Recovery and Resolution Regulation for ESMA to provide a budgetary impact assessment.

Background

The Proposal envisages that the supervisory colleges, which are currently responsible for the supervision of CCPs under the European Market Infrastructure Regulation (EMIR), will also have to reach joint decisions on recovery issues. In addition, specific resolution colleges made up of NRAs will have to be established.

ESMA will have a mediation role within both supervisory and resolution colleges or decide when no joint opinion is reached. Moreover, the Proposal also amends EMIR to allow for the suspension of the clearing obligation in case a CCP enters into resolution.

The proposed regulation has been submitted to the European Parliament and Council for approval and adoption.